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Pension Credit is an income-related benefit made up of two parts; Guarantee Credit and Savings Credit.

Guarantee Credit tops up your weekly income if it’s below £155.60 (for single people) or £237.55 (for couples).

Savings Credit is an extra payment for people who saved some money towards their retirement, for example; a pension.

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Pension Credit & Savings Credit

Guarantee Credit tops up your weekly income if it’s below £155.60 (for single people) or £237.55 (for couples).

Savings Credit is an extra payment for people who saved some money towards their retirement, eg a pension.

You may not be eligible for Savings Credit if you reach State Pension age on or after 6 April 2016.

You don’t pay tax on Pension Credit.

 

Eligibility

 

Guarantee Credit

To qualify for Guarantee Credit:

1. You must live in Great Britain

2. You or your partner must have reached Pension Credit qualifying age

The qualifying age for Pension Credit is gradually going up to 66 in line with the increase in the State Pension age for women to 65 and the further increase to 66 for men and women.

 

Savings Credit

 

To qualify for the extra Savings Credit you or your partner must be 65 or over.

You’re treated as a couple if you live with your husband, wife or partner. You don’t have to be married or in a civil partnership.

You can still apply for Savings Credit on or after 6 April 2016 if you reach State Pension age before that date.

If you reach State Pension age on or after 6 April 2016

Most people who reach State Pension age on or after 6 April 2016 won’t be eligible for Savings Credit. But you may continue to get Savings Credit if both of the following apply:

you’re in a couple and one of you reached State Pension age before 6 April 2016

you were getting Savings Credit up to 6 April 2016

If you stop being eligible for Savings Credit for any reason from 6 April 2016, you won’t be able to get it again.

Working out your income

When you apply for Pension Credit your income is worked out. This includes:

1. State Pension

2. Other pensions

3. Most social security benefits, eg Carer’s Allowance

4. savings, investments over £10,000 - for these £1 is counted for every £500 or part £500

earnings

If you’re entitled to a private or workplace pension, the amount you’d expect to get is calculated as income from the date you were able to get it, if you had claimed it.

You won’t get the benefit of deferring your State Pension if you or your partner are on Pension Credit, eg you won’t build up extra State Pension or a lump sum for deferring your State Pension. When working out if you can get Pension Credit, the income you’d get from your State Pension is included whether you’re claiming it or not.

 

The calculation doesn’t include:

Attendance Allowance

Christmas Bonus

Disability Living Allowance

Personal Independence Payment

Housing Benefit

Council Tax Reduction

If you’re registered for Self Assessment, you must tell the Pension Service how much Income Tax you expect to pay for the current tax year - this affects how much Pension Credit you’ll get.

 

Pension Credit if you move abroad

You can’t get Pension Credit if you move abroad permanently.

 

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Pension Credits

Pension Credit is an income-related benefit made up of two parts; Guarantee Credit and Savings Credit.

Guarantee Credit tops up your weekly income if it’s below £155.60 (for single people) or £237.55 (for couples).

Savings Credit is an extra payment for people who saved some money towards their retirement, for example; a pension.

What would you like to do?

Please click the appropriate link.

Get more information about Pension Credit

Find out if you would qualify for Pension Credit

Check your existing claim

Get an application form

Update your information/ change of address